The Reserve Bank of Australia has raised the official cash rate by 0.25% to 3.85%, marking the first rate hike in over two years. All four major banks quickly announced they will pass on the increase to mortgage holders, with a $600,000 loan seeing monthly repayments rise by $90 and a million-dollar debt increasing by $150. The RBA indicates inflation will remain above target for at least another year, while savings account rate increases remain under review by major banks.

From Channel 7's popular breakfast show with Natali Barr and Matt Shirvington, Sunrise brings you the show's latest news, entertainment and human-interest stories.

From Channel 7's popular breakfast show with Natali Barr and Matt Shirvington, Sunrise brings you the show's latest news, entertainment and human-interest stories.

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Sunrise

From Channel 7's popular breakfast show with Natali Barr and Matt Shirvington, Sunrise brings you the show's latest news, entertainment and human-interest stories.

RBA raises cash rate as banks pass on hike

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